India’s home-grown Paytm Payments Bank Ltd (PPBL) has enabled banking services through Aadhar Cards by integrating Aadhaar enabled Payment System (AePS). PPBL’s customers can now access to basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through the business correspondent of any banking & financial institution in the country. Soon, features like cash deposit, interbank fund transfer, etc. will also be made live. This will benefit people in rural & semi-urban areas who have limited access to the physical bank branch and ATM.
AePS is an NPCI-led model which allows online interoperable financial inclusion transaction at PoS (Micro ATM) through the Business correspondent of any bank using the Aadhaar authentication. The only inputs required for a customer to do a transaction under AePS mode are IIN (identification of the customer’s bank), Aadhaar number and fingerprint. It is also used for disbursements of Government entitlements like NREGA, social security pension, handicapped/ old-age pension, etc. AePS has seen tremendous growth in recent times.
PPBL has also partnered with over 10,000 business correspondents, who will have access to BC App for facilitating AePS transactions. The bank plans to add more correspondents to its network, who will soon serve customers of other banks also. The maximum amount is limited to Rs. 10,000/- per transaction. For cash withdrawal, the monthly limit is Rs. 50,000 or 10 transactions, whichever is reached earlier. AePS is absolutely free for all PPBL customers.
Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank said, “We have continued with our efforts to expand the digital banking network in the country and benefit millions of our customers with innovative features & unmatched service. With AePS, we are aiming to accelerate the financial inclusion in our country and ensure that people in the remotest part of India are able to access complete banking services.”
PPBL has brought millions of under-served masses into the fold of the formal banking system. AePS is the latest among the services that the bank has launched to make the banking experience more convenient and accessible for its customers. Recently, PPBL launched ‘Cash at Home’ facility, enabling them to raise cash withdrawal requests through a helpline number and the requested amount is delivered at their home. The bank has also launched the Direct Benefits Transfer (DBT) facility where it enabled customers to receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.
